The effort, which will officially launch on August 30, is expected to run through next spring.

Perhaps informing the new group effort, NTT Data is no stranger to blockchain. The IT giant has already completed work on pilot programs for banks looking to test the issuance of letters of credit through blockchain, as well as partnering with insurance companies to explore the technology.

The announcement comes during a period of building momentum for blockchain development in Japan, which has even seen government agencies test the use of smart contracts.